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The Colour

Mortgage Lending Below Trend, Consumer Credit Weak

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Net mortgage lending rose by an underlying £5.1bn. This was lower than both the previous month (£5.8bn) and the recent monthly average of £5.3bn. Unsecured personal borrowing was virtually unchanged in June, having fallen by £0.5bn in May. Underlying credit card borrowing fell by £0.1bn, while loans and overdrafts rose by £0.1bn.

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"Mortgage lending has reached another new record in June, says the Council of Mortgage Lenders (CML).

Total new lending rose by 9% from May to £34.2bn, despite the five increases in interest rates imposed by the Bank of England since last summer. "


Mortgage lending will always be a record surely? How could it contract?

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Mortgage lending will always be a record surely? How could it contract?

Are you being ironic ?

This is a bit worrying, the mortgage numbers were tanking a couple of months back - whats happened ? Have people suddenly thought - my oh my houses look remarkably affordable now ..... think I'll nip out and bag a couple ? WTF is wrong with people ? Are they really that stupid / insane ? Or is this just 'better buy now before rates go up' ?? or is it just remortgaging to pay existing loans ?

More ammunition for MPC hawks to up rates ?

Seems to contradict the BBA numbers anyway.

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LONDON (Thomson Financial) - Further signs of cooling in the UK housing market emerged today as key surveys revealed
slowing mortgage lending and approvals in June
, suggesting that the Bank of England's recent series of interest rate hikes have started to bite.
The rest of the year is widely predicted to continue the
slowing trend
, especially as the BoE is still predicted to hike interest rates further.
Industry body Building Societies Association reported that
mortgage approvals continued to ease in June
, falling to 4.69 bln stg from 4.74 bln stg in May and from 6.05 bln stg in June last year.
BSA head of savings policy Brian Morris also said that mortgage lending "may well
cool over the rest of the year
and into 2008."
Meanwhile, the British Bankers Association said
lending to UK homebuyers had slowed
to below the six-monthly average of 5.3 bln stg, rising by just 5.1 bln stg in June, having rebounded by 5.8 bln stg in May...../

From the above it looks like its slowing not picking up. :blink:

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